Global investment giant Nomura commences Saudi Arabian operations

Leading global investment bank Nomura, which has its headquarters in Japan, announced today that it has launched operations in Saudi Arabia, making it the first Asian brokerage firm to break into the rapidly growing and lucrative market.  The announcement came after Nomura received a commencement letter from Saudi Arabia's Capital Market Authority (CMA), giving the firm permission to undertake a range of securities businesses in the Kingdom.  Under the licence, Nomura will be able to offer corporate finance, capital market and wealth management services for local clients and also to deal as an agent for overseas securities. Philip Lynch, chief executive officer of NomuraÔÇÖs Middle East and African operations, said in a statement: "As the first Asian securities firm in Saudi Arabia, Nomura is especially well placed to bridge and facilitate the growing commercial interests between the Gulf and the Far East and strengthen emerging trading relationships. ÔÇ£Nomura is making a significant commitment to the region supporting our view that the Gulf is emerging as a major capital market." Takuya Furuya, chairman of Nomura Saudi Arabia, said: "This is an exciting step in the development of Nomura's business across the region as we look to extend our capability to this important economy.  ÔÇ£We look forward to introducing our distinctive brand and business model in the Kingdom and building out our team on the ground in Riyadh to support emerging opportunities as markets recover." Saudi Arabia accounts for around half of the six-member Gulf Cooperation CouncilÔÇÖs GDP, according to Nomura. With offices already in Dubai and Bahrain, Nomura has also recently received a licence to provide corporate finance and capital markets services from the Qatar Financial Centre. *┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á *